Tether’s USDT Sets Multiple Record Highs in Q4 2025, Despite Market Crash

• Tether’s USDT posted multiple new highs with record growth in USDT’s usage and market cap.
•  USDT has grown 3.5% since the October 2025 crypto liquidation.

Tether’s USDT stablecoin has reached several new record highs in the fourth quarter of  2025, which reinforces its position of dominance in the stablecoin market. As the market report was released by Tether on February 4. 

The report noted that the USDT’s market cap is climbing to $187.3 billion, which has increased by $12.4B in Q4 to $187.3B. Also, it marked the eighth consecutive period of total users with an increase of  35.2M in Q4 2025 to 534.5M, which includes both users of on-chain wallets and users who have received stablecoin through centralized exchanges. 

Moving on to the on-chain active users, during the quarter, the average monthly active on-chain USDT users reached an all-time high of 24.8 million, accounting for 68.4% of all stablecoin active wallets, noted in the report. 

Source: USDT Q4 Market Report

The number of USDT on-chain holders rose by 14.7 million in Q4, reaching a record 139.1 million, the biggest quarterly gain in history. Also, currently, USDT accounts for 70.7% of all stablecoin wallets, which shows its dominance in the stablecoin market. 

The Tether says that a larger portion of USDT wallets acts as savers compared to other stablecoins, where  75.1% of stablecoin saver wallets favor USDT, reinforcing its role as the preferred store of value.

USDT Shows Resilience Amid October Liquidation

With all new highs, USDT’s growth showed signs of slowing because of the October 2025 liquidation event. As the report mentioned, “ The total crypto market cap declined more than ⅓ between 10 October 2025 and 1 February 2026, while USDT has grown 3.5% since then, compared to the second and third largest stablecoins declining by 2.6% and 57% respectively. 

As the report highlights, “continued growth in USDT comes from diverse use cases beyond the crypto market,” and stresses that USDT’s growth in market cap and usage came despite a major crypto liquidation event in October. 

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